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v3.23.1

Revenues, Trade Accounts Receivable, Contract Assets and Contract Liabilities | 3 Months Ended
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Mar. 31, 2023
Operating revenues: |
Revenues, Trade Accounts Receivable, Contract Assets and Contract Liabilities | Note 4. – Revenues, Trade Accounts Receivable, Contract Assets and Contract Liabilities Disaggregation of Total Net Sales The Company disaggregates its sales with customers by the revenue recognition method for its only segment, as the Company believes these factors affect the nature, amount, timing and uncertainty of the Company’s revenue and cash flows. Schedule of Disaggregation by Revenue
|  | 2023 |  |  | 2022 |
|  | Three months ended |
|  | March 31, |
|  | 2023 |  |  | 2022 |
Fixed price contracts |  | $ | 29,093 |  |  | $ | 18,851 |
Product sales |  |  | 173,546 |  |  |  | 115,697 |
Total Revenues |  | $ | 202,639 |  |  | $ | 134,548 |
The following table presents geographical information about revenues: Schedule of Geographic Information
|  | Three months ended |
|  | March 31, |
|  | 2023 |  |  | 2022 |
Colombia |  | $ | 5,740 |  |  | $ | 4,025 |
United States |  |  | 194,839 |  |  |  | 126,984 |
Panama |  |  | 270 |  |  |  | 799 |
Other |  |  | 1,790 |  |  |  | 2,740 |
Total Revenues |  | $ | 202,639 |  |  | $ | 134,548 |
Trade Accounts Receivable In the ordinary course of business, we extend credit to customers on a generally non-collateralized basis. The Company maintains an allowance for expected credit losses which is based on management’s assessments of the amount which may become uncollectible in the future and is determined through consideration of our write-off history, specific identification of uncollectible accounts based in part on the customer’s past due balance (based on contractual terms), and consideration of prevailing economic and industry conditions. Uncollectible accounts are written off after repeated attempts to collect from the customer have been unsuccessful. Trade accounts receivable consist of the following: Schedule of Trade Accounts Receivable
|  |  | 2023 |  |  |  | 2022 |
|  | March 31, 2023 |  |  | December 31, 2022 |
Trade accounts receivable |  |  | 167,818 |  |  |  | 158,974 |
Less: Allowance for credit losses |  |  | (681 | ) |  |  | (577 | )
Total |  | $ | 167,137 |  |  | $ | 158,397 |
The changes in the allowance for credit losses for the three months ended March 31, 2023, are: Schedule of Changes in Allowance for Doubtful Accounts Receivable
|  | Three months ended March 31, 2023 |
Balance at beginning of period |  | $ | 577 |
Provisions for credit losses |  |  | 914 |
Deductions and write-offs, net of foreign currency adjustment |  |  | (810 | )
Balance at end of period |  | $ | 681 |
Contract Assets and Liabilities Contract assets represent accumulated incurred costs and earned profits on contracts with customers that have been recorded as sales but have not been billed to customers and are classified as current. In addition, a portion of the amounts billed on certain fixed price contracts are withheld by the customer as a retainage until a final good receipt of the complete project is delivered to the customers satisfaction. Contract liabilities consist of advance payments and billings in excess of costs incurred and deferred revenue, and represent amounts received in excess of sales recognized on contracts. The Company classifies advance payments and billings in excess of costs incurred as current, and deferred revenue as current or non-current based on the expected timing of sales recognition. Contract assets and contract liabilities are determined on a contract-by-contract basis at the end of each reporting period. The non-current portion of contract liabilities is included in long-term liabilities in the Company’s condensed consolidated balance sheets. The table below presents the components of net contract assets (liabilities): Schedule of Contract Assets and Liabilities
|  | March 31, 2023 |  |  | December 31, 2022 |
Contract assets — current |  | $ | 18,982 |  |  | $ | 12,610 |
Contract assets — non-current |  |  | 4,415 |  |  |  | 8,875 |
Contract liabilities — current |  |  | (58,591 | ) |  |  | (49,601 | )
Contract liabilities — non-current |  |  | (11 | ) |  |  | (11 | )
Net contract assets |  | $ | (35,205 | ) |  | $ | (28,127 | )
The components of contract assets are presented in the table below:
|  | March 31, 2023 |  |  | December 31, 2022 |
Unbilled contract receivables, gross |  | $ | 6,448 |  |  | $ | 5,738 |
Retainage |  |  | 16,949 |  |  |  | 15,747 |
Total contract assets |  |  | 23,397 |  |  |  | 21,485 |
Less: current portion |  |  | 18,982 |  |  |  | 12,610 |
Contract Assets – non-current |  | $ | 4,415 |  |  | $ | 8,875 |
The components of contract liabilities are presented in the table below:
|  | March 31, 2023 |  |  | December 31, 2022 |
Billings in excess of costs |  | $ | 18,292 |  |  |  | 14,724 |
Advances from customers on uncompleted contracts |  |  | 40,310 |  |  |  | 34,888 |
Total contract liabilities |  |  | 58,602 |  |  |  | 49,612 |
Less: current portion |  |  | 58,591 |  |  |  | 49,601 |
Contract liabilities – non-current |  | $ | 11 |  |  |  | 11 |
During the three months ended March 31, 2023, the Company recognized $2,945 of sales related to its contract liabilities on January 1, 2023. During the three months ended March 31, 2022, the Company recognized $2,082 of sales related to its contract liabilities on January 1, 2022. Remaining Performance Obligations As of March 31, 2023, the Company had $499.1 million of remaining performance obligations, which represents the transaction price of firm orders minus sales recognized from inception to date. Remaining performance obligations exclude unexercised contract options, verbal commitments, Letters of Intent or written mandates, and potential orders under basic ordering agreements. The Company expects to recognize 100% of sales relating to existing performance obligations within three years, of which $358.1 million are expected to be recognized during the year ending December 31, 2023, $114.6 million during the year ending December 31, 2024 and $26.5 million during the year ending December 31, 2025.

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